Isofoton, based in Malaga, Spain, has closed $15 million in financing for its Isofoton North America factory, which is being built in Napoleon, Ohio.
Financing includes the issuance of seven-year bonds that have obtained a AA- rating from Standard & Poor's using an economic development program supported by the State of Ohio.
The bonds will be issued at 4%. This represents a substantial improvement in the cost of financing compared to that other European manufacturers that have been forced to sell bonds at much higher rates to attract funding, according to Isofoton.
The new plant in Ohio is scheduled to open this summer. Local customers have committed to approximately 300 MW in initial supply contracts.